Business Well Check Basics: What Every Owner Should Review Before Year-End

As the year draws to a close, it’s the perfect time for business owners to pause, take stock, and make sure their business is positioned for strength in the year ahead. Just like an annual physical helps catch issues early, a Business Well Check gives owners a clear picture of their company’s overall health—financial, legal, and operational—before small gaps turn into costly problems.

Key Areas to Review

1. Legal Structure and Compliance
Ensure your LLC, corporation, or partnership is in good standing with the state. Check that annual filings, Statements of Information, and other compliance requirements are current. This is also a smart time to revisit your operating agreements, bylaws, or shareholder agreements to make sure they reflect any changes in ownership or business direction.

2. Risk Management
Review insurance policies, liability protections, and key contracts. Confirm that coverage levels are still adequate and that your legal documents properly shield both the business and your personal assets. If your business has grown this year, your old protections may not be enough.

3. Financial and Tax Planning
Coordinate with your CPA to identify opportunities for year-end tax planning, including maximizing deductions and taking advantage of new laws such as OBBBA. Reviewing cash flow, profit margins, and upcoming expenses now can help avoid surprises in the new year.

4. Succession and Continuity Planning
If something unexpected happened tomorrow, who would step in to run the business? Reviewing or putting a succession plan in place ensures your company—and your family—are protected.

Take Action Before December 31

A Business Well Check doesn’t just uncover risks—it also reveals opportunities. Proactively addressing issues now can set your business up for a stronger, more resilient year ahead.

Schedule a Business Well Check with our team to get a clear picture of your business’s health and identify smart strategies before year-end.